The Morgan Tsvangirai Wikileaks cables-Part Twenty-Six

Nicoz Diamond profit flat

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Nicoz Diamond profit flat

Zimbabwe’s largest short-term insurer, Nicoz Diamond has reported a 4 percent increase in gross premium written to $23.8 million in the six months to June from $22.9 million in the comparable period last year, driven by growth in motor insurance business.

After tax profit was largely flat at $1.2 million while operating profit decreased by 17 percent to $1.55 million from $1.87 million last year, weighed down by the Malawi operation, United General Insurance (UGI).

“The reduction was mainly as a result of retrenchment costs incurred in Malawi to align future expenses to income. There was also an increase in claims costs in Malawi due to the impact of price adjustments on imported motor spares,” said group chair, James Karidza.

Total costs increased to $12.2 million from $11.3 million in the same period last year.

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The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.